ITAT held that the assessee has not wilfully delayed the filing of appeal and we find that there is no negligence on the part of the assessee, as the assessee has filed appeal manually in time.
The act of the appellants of giving false assurances on one hand by way of misleading advertisements and on the other hand, obtaining declaration from the consumers qua no guarantee/assurance regarding the result and outcome of the programme, is a clear example of unfair trade practices adopted by them
In the instant case, admittedly, it is loan creditors and not a trading liability. So, the assessee has not obtained allowance or deduction in computing the profits and gains of business or profession in respect of assessment of any year.
Section 249(4)(b) of Income Tax Act, 1961 cannot be invoked when return of income filed by assessee was selected for scrutiny and assessment
ITAT held that unabsorbed business losses can be set off against any income from business, be it speculative or otherwise.
Prity Tubes Pvt. Ltd. Vs JCIT (ITAT Kolkata) Coming to the next issue of sales promotion and advertisement expenses, we note that despite several queries and opportunities made available by the authorities below, the assessee has not been able to establish the nexus between the expenses incurred and the business of the assessee. Assessee has […]
Recording of reasons before initiation of reassessment proceedings & communication thereof to assessee is sine qua non that goes to root of matter
Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai) In this case, The assessment was completed under section 144 r.w.s. 144(1)(b) of the Act by making addition of ₹.5,34,000/- under section 69A of the Act on the ground that the money received from the customers on various dates in old notes cannot be accepted a genuine as […]
Non-filing of Audit Report in Form 10B along with Return of Income is merely a procedural defect which is rectifiable. If the Audit Report was available with the assessee at the time of filing of Return of Income and was not filed due to bonafide reasons the benefit of exemption under section 11 cannot be denied if otherwise assessee is eligible to claim the same.
CDA as a waterproofing material used in any civil structure involving cement/concrete in HIPs, such as expressways, dams, hydro or thermal power projects, etc.
